SALT LAKE CITY, Dec. 20, 2019 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (CLSK),(CLSKD), a software company with advanced engineering, software and controls for innovative microgrid and distributed energy resource management systems today announced that it has received $359,000 in new orders, since last week, for its intelligent switchgear. The Company's Intelligent switchgear is used to automatically transfer power supply from its primary source to a backup source when it senses a failure or outage in the primary source, thus assuring uninterrupted power. It also allows the end user the opportunity to participate in regional energy markets when it makes financial sense to sell surplus power back to the grid.
CleanSpark's new orders were composed of a total of seven units ordered by two customers. Three are for a new customer and the remaining four relate to a current customer. This latest order from the existing Customer represents a follow-on order to the $2.5 million order announced in May of 2019. The Company anticipates receiving several additional follow-on orders from this same customer in early 2020.
"Our new business wins are driven by the high quality and performance of our products and the strong relationships that we are building with both returning and new customers. We have been able to leverage our growing network of external sales representatives to land new customers. The use of external sales representatives is an important part of our strategy to increase sales while limiting internal overhead costs and driving margins higher over time,” said CEO of CleanSpark, Zachary Bradford.
CleanSpark provides advanced energy software and control technology that enables a plug-and-play enterprise solution to modern energy challenges. Our services consist of intelligent energy monitoring and controls, microgrid design and engineering, microgrid consulting services and turn-key microgrid implementation services. CleanSpark's software allows energy users to obtain resiliency and economic optimization. Our software is uniquely capable of enabling a microgrid to be scaled to the user's specific needs and can be widely implemented across commercial, industrial, military, agricultural and municipal deployment.
CleanSpark cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on CleanSpark's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by CleanSpark that any of our plans will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including, without limitation: the expectations of future growth may not be realized, timing of deliveries, demand for our software products; and other risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in our Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Integra Investor Relations